22720 Halberd Dr

St. Robert, MO 65584

$249,900B

9 bd · 5.1 ba · 672 sqft · Built 1973 · MultiFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,405/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$925
• Net cashflow: $1,753/mo
• Annual: $21,035/yr
• Cap rate: 14.71%
• Cash-on-cash: 30.06%
• DSCR: 2.34
• 1% rule: 1.76%
• Cash to close: $69,972

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $250k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Waynesville R-VI (town): math 46% / reading 53% proficiency, ranked #41 of 324 in MO (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waynesville East Elem. (math 51% / reading 53%, grade C-, #231 of 1,115 statewide, top 24%, 929 students, 44% FRL); Waynesville Sr. High (math 37% / reading 53%, grade D-, #176 of 521 statewide, top 34%, 1,704 students, 39% FRL).
• Market conditions: Rents rising fast (+10.2%/yr); 130 active listings in the ZIP; 62 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.7% vs local median 4.4% in St. Robert — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $4,405/mo this rent would consume 83% of the median local household income ($63k/yr) (locally 368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition and may need to be replaced.
• Major: exterior siding — The exterior siding is peeling and in need of repainting or replacement.
• Major: fencing — The fencing is in poor condition and may need repair or replacement.
• Major: flooring — The flooring in the visible areas appears to be in poor condition and may need to be replaced.
• Major: interior walls/paint — The interior walls and paint appear to be in poor condition and may need to be repainted or replaced.
• Major: HVAC/mechanicals — The HVAC system appears to be in poor condition and may need to be replaced or repaired.